USDJPY trying positively 29/10/2024

The USD/JPY pair is currently experiencing a strong bullish trend, marking a series of weekly gains following a rapid rebound from the pivotal support level of 151.10.

Technical Analysis:

• Today, we anticipate that the bullish trend will continue, supported by the positive influence of the simple moving averages and the price’s stability above the support level of 152.30.
• We expect bullish momentum during today’s trading session, with a key level to watch being 153.80. A breach of this level would pave the way for the pair to reach 154.70 initially.
• Conversely, if the pair returns to trade below 152.10, this could undermine the bullish outlook, potentially leading to negative trading conditions and a retest of 151.30.

Warnings:

• High-impact economic data from the US, including Consumer Confidence, Job Openings, and Labor Turnover, is set to be released today, which may cause significant price volatility.
• The risk level remains high, especially given the ongoing geopolitical tensions, and all scenarios should be considered.

Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.

S1: 152.10	R1: 153.80
S2: 151.30	R2: 154.70
S3: 150.40	R3: 155.45